Median Adjusted Gross Income for Ohio
This dataset tracks median adjusted gross income for ohio over time.
Latest Value
50000.00
Year-over-Year Change
44.05%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Ohio measures the midpoint income level of Ohio tax filers. This key economic statistic provides insight into the financial well-being and spending power of Ohio residents.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Median Adjusted Gross Income for Ohio represents the middle value in the distribution of adjusted gross incomes reported on Ohio tax returns. Economists and policymakers use this metric to understand income trends and inform policies related to taxation, social programs, and economic development.
Methodology
The data is calculated annually by the U.S. Census Bureau based on individual income tax returns filed in Ohio.
Historical Context
This economic indicator is widely referenced by state and local governments, businesses, and researchers to analyze Ohio's economic conditions and consumer purchasing power.
Key Facts
- Ohio's median adjusted gross income was $54,539 in 2020.
- Median income in Ohio has increased by 17% over the past decade.
- Ohio's median income is slightly below the national average.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Ohio measures the midpoint income level of Ohio tax filers, providing insight into the financial well-being of Ohio residents.
Q: Why is this trend relevant for users or analysts?
A: This metric is widely used by economists, policymakers, and businesses to understand income trends and inform decisions related to taxation, social programs, and economic development in Ohio.
Q: How is this data collected or calculated?
A: The data is calculated annually by the U.S. Census Bureau based on individual income tax returns filed in Ohio.
Q: How is this trend used in economic policy?
A: State and local governments, as well as businesses and researchers, reference this economic indicator to analyze Ohio's economic conditions and consumer purchasing power.
Q: Are there update delays or limitations?
A: The data is released annually, with a lag of approximately one year between the tax filing year and the publication of the median income statistic.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Ohio (MEDAGIOH39A052NCEN), retrieved from FRED.